REG - Premier African Min - Corporate Update

Premier African MineralsAnnouncement

05/05/2023 17:00

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RNS Number : 6364Y  Premier African Minerals Limited  05 May 2023

5 May 2023

Premier African Minerals Limited

 

Corporate Update

 

Premier African Minerals Limited ("Premier" or the "Company"), has appointed
MAH, Chartered Accountants ("MAH") as its new independent auditor with
immediate effect.

Jeffreys Henry LLP, the Company's former auditor, has advised Premier that
Jeffreys Henry LLP does not have sufficient capacity to satisfy its regulatory
requirements in respect of its audit engagement with Premier and on that basis
will therefore resign as auditor. This change has caused Jeffreys Henry LLP to
withdraw from multiple clients concurrently, including Premier.

The audit process for the financial year ending 31 December 2022 was
commissioned simultaneously with this engagement and the internal preparation
by Premier for this audit is complete.

Admission update

On 27 April 2023, the Company announced the exercise of all options under the
2017 Options Award (as announced on 19 January 2017) and the number of options
exercised at the price of 0.28p and 0.40p per ordinary share were each
overstated by 2,000,000 new ordinary shares.

Accordingly, together with the 24,500,000 options exercised by current
directors, in aggregate, a total of 161,877,130 new ordinary shares have been
issued by Company pursuant to the exercise of the options ("New Ordinary
Shares"). The total proceeds of the exercise amounts to £550,382.24 which
will be used by the Company for general working capital purposes.

Application has been made to the London Stock Exchange for 161,877,130 New
Ordinary Shares to be admitted to trading on AIM and it is expected that
Admission will become effective, and dealings will commence in the New
Ordinary Shares at 8.00 a.m. on or around 10 May 2023. The New Ordinary Shares
shall rank pari passu in all respects with all other Ordinary Shares then in
issue.

Total Voting Rights

The Company's issued share capital consists of 22,579,886,961 Ordinary Shares,
with voting rights. This figure may be used by shareholders in the Company as
the denominator for the calculation by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
share capital of the Company under the Financial Conduct Authority's
Disclosure and Transparency Rules.

Enquiries:

 

 George Roach                        Premier African Minerals Limited    Tel: +27 (0) 100 201 281

 Michael Cornish / Roland Cornish    Beaumont Cornish Limited            Tel: +44 (0) 20 7628 3396

                                     (Nominated Adviser)

 John More/Toby Gibbs                Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090

 

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'' ''could'' "should" ''envisage''
''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those
variations or comparable expressions including references to assumptions.
These forward-looking statements are not based on historical facts but rather
on the Directors' current expectations and assumptions regarding the Company's
future growth results of operations performance future capital and other
expenditures (including the amount. Nature and sources of funding thereof)
competitive advantages business prospects and opportunities. Such forward
looking statements reflect the Directors' current beliefs and assumptions and
are based on information currently available to the Directors. A number of
factors could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks associated with
vulnerability to general economic and business conditions competition
environmental and other regulatory changes actions by governmental authorities
the availability of capital markets reliance on key personnel uninsured and
underinsured losses and other factors many of which are beyond the control of
the Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be reasonable
assumptions. The Company cannot assure investors that actual results will be
consistent with such forward looking statements.

 

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and
natural resource development company focused on Southern Africa with its RHA
Tungsten and Zulu Lithium projects in Zimbabwe.

 

The Company has a diverse portfolio of projects, which include tungsten, rare
earth elements, lithium and tantalum in Zimbabwe and lithium and gold in
Mozambique, encompassing brownfield projects with near-term production
potential to grass-roots exploration. The Company has accepted a share offer
by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8%
interest in Circum Minerals Limited ("Circum"), the owners of the Danakil
Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital
of Vortex. Vortex has an interest of 36.7% in Circum.

 

Ends

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